BTIG Research Reiterates “Buy” Rating for Bright Minds Biosciences (NASDAQ:DRUG)

Bright Minds Biosciences (NASDAQ:DRUG)‘s stock had its “buy” rating reiterated by research analysts at BTIG Research in a research note issued on Tuesday,Benzinga reports. They presently have a $147.00 price target on the stock. BTIG Research’s price target suggests a potential upside of 83.06% from the company’s previous close.

Several other research firms have also issued reports on DRUG. HC Wainwright reaffirmed a “buy” rating and issued a $115.00 price target on shares of Bright Minds Biosciences in a report on Tuesday, December 30th. Wall Street Zen upgraded Bright Minds Biosciences from a “sell” rating to a “hold” rating in a research note on Saturday, February 14th. Zacks Research lowered Bright Minds Biosciences from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 2nd. Cantor Fitzgerald reissued an “overweight” rating on shares of Bright Minds Biosciences in a report on Monday, December 1st. Finally, Chardan Capital restated a “buy” rating and set a $80.00 price objective on shares of Bright Minds Biosciences in a report on Friday, January 2nd. Five investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $117.00.

Bright Minds Biosciences Stock Performance

Shares of Bright Minds Biosciences stock opened at $80.30 on Tuesday. The company has a market capitalization of $781.32 million, a PE ratio of -41.61 and a beta of -6.18. The company has a 50-day simple moving average of $83.27 and a two-hundred day simple moving average of $64.34. Bright Minds Biosciences has a one year low of $23.17 and a one year high of $123.75.

Bright Minds Biosciences (NASDAQ:DRUG) last released its quarterly earnings results on Thursday, February 12th. The company reported ($0.70) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.98) by $0.28. On average, equities analysts predict that Bright Minds Biosciences will post -1.24 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Bright Minds Biosciences

A number of large investors have recently bought and sold shares of the company. Ikarian Capital LLC increased its holdings in Bright Minds Biosciences by 933.1% in the 4th quarter. Ikarian Capital LLC now owns 159,421 shares of the company’s stock worth $12,441,000 after buying an additional 143,990 shares during the period. Wellington Management Group LLP acquired a new stake in shares of Bright Minds Biosciences in the fourth quarter worth $1,068,000. Millennium Management LLC increased its stake in shares of Bright Minds Biosciences by 153.6% in the fourth quarter. Millennium Management LLC now owns 194,437 shares of the company’s stock worth $15,174,000 after acquiring an additional 117,756 shares during the period. Janus Henderson Group PLC raised its holdings in shares of Bright Minds Biosciences by 0.9% during the fourth quarter. Janus Henderson Group PLC now owns 1,155,995 shares of the company’s stock worth $90,832,000 after purchasing an additional 10,335 shares during the last quarter. Finally, Artia Global Partners LP acquired a new position in Bright Minds Biosciences during the fourth quarter valued at $2,607,000. Hedge funds and other institutional investors own 40.52% of the company’s stock.

About Bright Minds Biosciences

Bright Minds Biosciences Inc, trading on the NASDAQ under the symbol DRUG, is a clinical-stage biotechnology company focused on developing novel small-molecule therapeutics for mental health and neurodegenerative disorders. The company’s research leverages proprietary chemistry platforms to create serotonin-modulating and neuroprotective compounds derived from psychedelic-inspired structures. Bright Minds aims to address unmet needs in conditions such as major depressive disorder, post-traumatic stress disorder and Alzheimer’s disease through orally administered treatments.

The company’s lead candidate, BMB-101, is an oral 5-HT2A receptor-modulating compound in clinical development for mood and anxiety disorders.